One of the things I love about business is the fact that in many ways, it's the most complex game in the world.
And if you win at this game, you don't just get a badge or get to battle of the boss at the end.
You get financial freedom.
You get to do the work you love.
You get to work with amazing people and all the other things.
But in order to get there, there's a progression. There are different phases.
When I sat down to put together this framework I wanted to share to, it was based on the idea that if we were to take a financial planning firm right to the very most evolved format it possibly could be, you'd arrive at a place where you'd essentially built a "franchise in disguise".
A business that can be picked up, dropped in another state or even a different country and replicate previous successes.
It's ready to have multiple locations. It's usually a business that has a brand and has often built its own systems. They usually have the ability to build their own superstars...
... but to get there, it doesn't happen in one leap.
There are certain phases businesses need to go through.
The most important thing when a business launches is to become VIABLE.
Viable is about revenue, and to have enough of it to cover all costs you need:
This next switch is key and it's what I call The Profit Phase.
It's where you go from not just having a viable business, but having a STABLE business with sustainable margin.
If you've reached this point, you will have a business that is profitable BUT you've got a decision to make.
If you've got a lifestyle business that you are really happy with - you're happy to have something that generates you an income, and maybe it'll have a value residual value 0- then you may want to stop there.
If that's your goal, then possibly trying to go through these next phases of growth might not be worth it because the dangerous middle is a place you want to go into and get out as quickly as possible.
Let's assume you make a decision you want to push through. Your next phase in the goal, as you entered the dangerous middle is to focus on systems, because that's what makes your practice GROWABLE.
You do that usually by:
If you get the basics in place, you're ready to bring in your team so you have a team that is LEADABLE, which is about
If you do this really well, you hit a breakthrough we call it the hands-off mode where your practice becomes RELIABLE.
You notice growth accelerating despite the fact you're actually stepping back as a leader, involved in less, doing less. The business is on a upward curve.
Soon enough, as your growth is accelerating even further, it becomes about SCALABILITY and brand and IP become your next focus.
If you get that far and you get there, you're in the top 1% of businesses.
So what's the point of sharing this?
There are two really important things that this helps me as a coach and will hopefully help you.
The first thing to do is identify where you're at, work out what to focus on to get from where you are now to your next phase of growth.
The second is that it's important to look back, to ask yourself the question about whether you have the elements in place from earlier phases in order to continue your journey. I've seen businesses progress along their journey missing one or two key elements and sooner or later it holds them back ike a parachute dragging in the sea
Hopefully, the Journey to Leveraged has helped you to get some clarity on your own journey.
In my coaching, I've found it gives us the ability to understand:
PS. If you'd like to work through a Journey To Leverage session with me, to identify all of those things we mentioned above and work together to identify how to approach your most important next step, fill in this quick form and I'll come right back to you.